Liam Wallace is general manager of moonwalk salons. during 2016 while this works for the company all year at a $13600 monthly salary he also earned a year end bonus = 15% of his annual salary. Wallace's federal income tax withheld during 2016 was $952 per month plus $3672 on his bonus check. state income tax withheld came to a $150 per month plus $90 on bonuses. FICA tax was withheld on annual earnings. Wallace authorized the following payroll deductions charity fund contribution of 3% of total earnings and life insurance of $50 per month. 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2016. Round all amounts to the nearest dollar
2. Compute Moonwalk's total 2016 payroll expense for Wallace
3. Make the journal entry to record Moonwalk's expense for Wallace's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required
4. Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Wallace's total earnings.

1. Gross Pay = Salary + Bonus

= (13,600 * 12) + (15% * (13,600 * 12))

= 163,200 + 24,480

= $187,680

2.Wallace 2016 Payroll = Gross Pay - Deductions

Deductions

= FICA-Social security tax + FICA-Medicare tax + Federal income tax + State income tax + Charity Fund contribution + Life insurance contribution

= (6.2% x 117,000) +  (1.45% x 187,680) + {(952 x 12) + 3,672} + {(150 x 12) + 90} + (3% x 187,680) + (50 x 12)

= 7,254 + 2,721.36 + 15,096 + 1,890 + 5,630.40 + 600

= $33,191.76

Wallace 2016 Payroll = 187,680 - 33,191.76

= $‭154,488.24‬

3.

DR  Salaries Expense                                            163,200

      Bonus Expense                                                24,480

       CR FICA-Social Security Tax Payable                             7,254

             FICA- Medicare Tax Payable                                     2,721.36

             Federal Income tax payable                                      15,096

             State Income tax payable                                           1,890

             Charity Fund Payable                                                 5,630.90

             Life Insurance Payable                                                  600

             Cash                                                                          154,488.24

4. Moonwalk's payroll tax expense for Wallace's total earnings.

DR Payroll Tax Expense                                   10,395.36

     CR FICA-Social Security Tax Payable                             7,254

           FICA- Medicare Tax Payable                                     2,721.36

           FUTA Payable (0.6% * 7,000)                                         42

           SUTA Payable ( 5.4% * 7,000)                                       ‭378‬

c

explanation:

so i don't know what video you're talking about, but here's some stuff steve jobs gave as advice.

- love what you do.

- the worst thing that could happen might turn out to be the best thing that could happen.

- follow your heart and trust it knows where it's going.